OpenNashEarnings

Roku (ROKU) · Media & Streaming

Roku Q2 2026 earnings: summary, key numbers & outlook

Results filed 6 Aug 2026 · Quarter ended 30 Jun 2026

Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

Roku's Q2 2026 total net revenue was $1.35 billion, up 22% YoY, with Platform revenue of $1.22 billion, up 25% YoY, net income of $164 million and Adjusted EBITDA of $254 million.

Roku had a strong second quarter. Total net revenue was $1.35 billion, up 22% from a year ago. Platform revenue, which covers advertising and subscriptions, grew 25% to $1.22 billion. Net income was $164 million, versus $10.5 million a year earlier. Gross margin rose to 49.7%. Part of the Devices margin gain came from a one-time refund of tariff payments, which management says it excluded would have left net income at $127 million.

Roku gave no outlook and will not hold an earnings call, because Fox Corporation agreed on June 15, 2026 to acquire the company. Management did say it expects sales and marketing expense to rise in the second half as Roku TV shipments ramp. The main risks are the pending deal, memory chip price pressure on devices, and the fact that the Devices margin was helped by the refund.

Key numbers

Total net revenue · GAAP
$1.35 billion

up 22% YoY

Net income · GAAP
$164 million

up 1464% YoY

Diluted net income per share · GAAP
$1.08

up from $0.07 a year ago

Total gross margin · GAAP
49.7%

up 4.9pts YoY

Income from operations · GAAP
$146.2M

from a loss of (23,333) a year ago

Cash flow from operations (TTM) · GAAP
$719.0M

up 81%

Free cash flow (TTM) · non-GAAP
$704 million

up 80%

Adjusted EBITDA · non-GAAP
$254 million

up 225% YoY

Segment or metricValueChange
Platform revenue$1.22 billionup 25% YoY
Advertising revenue$673 millionup 25% YoY
Subscriptions revenue$548 millionup 26% YoY
Devices revenue$134 milliondown 1% YoY
Streaming Hours37.9 billionup 7% YoY
Where each number comes from
  • Total net revenue: “Total net revenue was $1.35 billion, up 22% YoY •Platform revenue was $1.22 billion, up 25% YoY •Total gross profit was $674 million, up 35% YoY”
  • Net income: “generating net income of $164 million, Adjusted EBITDA of $254 million, and Free Cash Flow (TTM) of $704 million – all record highs.”
  • Diluted net income per share: “Net income (loss) per share — diluted | $1.08 | $0.07 | $1.65 | $(0.12) Weighted-average common shares outstanding — basic”
  • Total gross margin: “Total gross margin % | 44.8% | 43.4% | 43.5% | 45.2% | 49.7% | 4.9pts Research and development”
  • Income from operations: “Total operating expenses | 527,521 | 520,991 | 1,040,685 | 1,023,766 Income (loss) from operations | 146,175 | (23,333) | 197,947 | (81,063)”
  • Cash flow from operations (TTM): “Cash flow from operations (TTM) | 396.4 | 455.4 | 483.7 | 544.1 | 719.0 | 81% *Free cash flow (TTM) A”
  • Free cash flow (TTM): “generating net income of $164 million, Adjusted EBITDA of $254 million, and Free Cash Flow (TTM) of $704 million – all record highs.”
  • Adjusted EBITDA: “generating net income of $164 million, Adjusted EBITDA of $254 million, and Free Cash Flow (TTM) of $704 million – all record highs.”
  • Platform revenue: “Platform revenue grew 25% YoY to $1.22 billion, with gross margin of 53.0%. Growth was driven by meaningful contributions”
  • Advertising revenue: “Advertising revenue grew 25% YoY to $673 million, and advertising gross margin expanded to 62.4%, up approximately 190 basis points QoQ”
  • Subscriptions revenue: “Subscriptions revenue grew 26% YoY to $548 million, with gross margin of 41.4%, down roughly 360 basis points YoY”
  • Devices revenue: “Devices revenue was $134 million, down 1% YoY, with gross margin of 20.1%, which benefited from an IEEPA refund”
  • Streaming Hours: “Streaming Hours were 37.9 billion, up 7% YoY •The Roku Channel was the #2 app on our platform by engagement”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ2 2026vs year agovs last quarter
Revenue$1.4B+21.9%+8.5%
Operating income$146.2M—+182.3%
Net income$164.2M+1463.5%+91.6%
Diluted EPS$1.08+1442.9%+89.5%
Free cash flow$280.9M+158.6%+43.3%
Gross margin49.7%+4.9 pts+4.5 pts
Operating margin10.8%+12.9 pts+6.7 pts

Calculated by code from XBRL, not by the model.

Key takeaways

  1. Platform revenue grew 25% on ads and subscriptions

    Advertising revenue grew 25% YoY to $673 million and Subscriptions revenue grew 26% YoY to $548 million. Platform revenue reached $1.22 billion.

  2. Gross margin expanded 4.9 points to 49.7%

    Advertising gross margin was 62.4% on a mix shift toward higher-margin ad products. Devices gross margin of 20.1% was helped by an IEEPA tariff refund.

  3. Tariff refund flattered Devices and profit

    Excluding the IEEPA refund, Devices gross margin would have been (7.6%) and net income would have been $127 million, versus $164 million reported.

  4. Cash generation reached record highs

    Free Cash Flow (TTM) was $704 million and Adjusted EBITDA was $254 million, an Adjusted EBITDA margin of 18.8%.

  5. Pending Fox acquisition means no call or outlook

    Fox Corporation and Roku announced a definitive agreement on June 15, 2026. Roku will not host an earnings call and will not provide a financial outlook.

Charts

Revenue$1.4B+21.9% y/yQ2 2026
Q4 2024: $1.2B (worked out from the annual figure)Q4 ’24$1.2BQ1 2025: $1.0BQ1 ’25$1.0BQ2 2025: $1.1BQ2 ’25$1.1BQ3 2025: $1.2BQ3 ’25$1.2BQ4 2025: $1.4B (worked out from the annual figure)Q4 ’25$1.4BQ1 2026: $1.2BQ1 ’26$1.2BQ2 2026: $1.4BQ2 ’26$1.4BQ3 2026: $1.5BQ3 ’26$1.5B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$1.2B *
Q1 2025$1.0B
Q2 2025$1.1B
Q3 2025$1.2B
Q4 2025$1.4B *
Q1 2026$1.2B
Q2 2026$1.4B
Q3 2026$1.5B
Diluted EPS (GAAP)$1.08+1442.9% y/yQ2 2026
Q1 2025: -$0.19Q1 ’25-$0.19Q2 2025: $0.07Q2 ’25$0.07Q3 2025: $0.16Q3 ’25$0.16Q1 2026: $0.57Q1 ’26$0.57Q2 2026: $1.08Q2 ’26$1.08Q3 2026: $1.20Q3 ’26$1.20
Data
Q1 2025-$0.19
Q2 2025$0.07
Q3 2025$0.16
Q1 2026$0.57
Q2 2026$1.08
Q3 2026$1.20

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin10.8%+12.9 pts y/yQ2 2026
Q4 2024: -3.3%Q4 ’24-3.3%Q1 2025: -5.7%Q1 ’25-5.7%Q2 2025: -2.1%Q2 ’25-2.1%Q3 2025: 0.8%Q3 ’250.8%Q4 2025: 4.7%Q4 ’254.7%Q1 2026: 4.1%Q1 ’264.1%Q2 2026: 10.8%Q2 ’2610.8%Q3 2026: 10.9%Q3 ’2610.9%
Data
Q4 2024-3.3%
Q1 2025-5.7%
Q2 2025-2.1%
Q3 20250.8%
Q4 20254.7%
Q1 20264.1%
Q2 202610.8%
Q3 202610.9%
Free cash flow$280.9M+158.6% y/yQ2 2026
Q4 2024: $76.8MQ4 ’24$76.8MQ1 2025: $136.8MQ1 ’25$136.8MQ2 2025: $108.6MQ2 ’25$108.6MQ3 2025: $126.5MQ3 ’25$126.5MQ4 2025: $106.6MQ4 ’25$106.6MQ1 2026: $196.0MQ1 ’26$196.0MQ2 2026: $280.9MQ2 ’26$280.9MQ3 2026: $218.0MQ3 ’26$218.0M
Data
Q4 2024$76.8M
Q1 2025$136.8M
Q2 2025$108.6M
Q3 2025$126.5M
Q4 2025$106.6M
Q1 2026$196.0M
Q2 2026$280.9M
Q3 2026$218.0M

Operating cash flow minus capital expenditure, from cash flow statements.

Questions

How much revenue did Roku report in Q2 2026?

Total net revenue was $1.35 billion, up 22% YoY. Platform revenue was $1.22 billion, up 25% YoY.

How profitable was Roku in the quarter?

Net income was $164 million ($1.08 per diluted share) and Adjusted EBITDA was $254 million. Excluding the IEEPA tariff refund, net income would have been $127 million.

Did Roku give guidance for next quarter?

No. Because of the pending acquisition by FOX, Roku said it will not host an earnings call and will not provide a financial outlook. It did say S&M expense should rise in the second half versus the first half.

What drove Roku's margin improvement?

Advertising gross margin rose to 62.4% on a mix shift toward higher-margin ad products. Devices gross margin of 20.1% also benefited from an IEEPA refund.

What is happening with Roku's ownership?

On June 15, 2026, Fox Corporation and Roku announced a definitive agreement under which FOX will acquire Roku. The deal is described as pending.

Documents

SEC filing